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Cadence Pharmaceuticals Reports First Quarter 2013 Financial Results
Date:5/2/2013

nal Formulary, which is a list of products generally covered under VA pharmacy benefits.
  • On March 4, 2013, the company entered into an agreement with Laboratorios Grifols, S.A., for the development, manufacture and supply of commercial quantities of OFIRMEV in flexible plastic bags. Cadence plans to submit a supplemental NDA to the FDA in the second half of 2013 seeking approval of the product to be manufactured by Grifols.
  • In January 2013, Cadence received a total of $14.6 million from the waiver of its option to purchase Incline Therapeutics, Inc., and the sale of the shares of Incline stock held by Cadence, resulting in a gain of $7.7 million.
  • On February 22, 2013, Cadence amended its existing supply agreement for OFIRMEV with Lawrence Laboratories, a member of the Bristol-Myers Squibb Company group of companies, extending the term of the Agreement through December 2018.
  • On March 6, 2013, Cadence and Baxter Healthcare Corporation announced the termination of the development and supply agreement for OFIRMEV between the two companies.
  • "In the first quarter we delivered strong sales growth, strengthened our balance sheet and solidified our supply chain for OFIRMEV. Our extended relationship with Lawrence Laboratories and agreement with Grifols to develop flexible plastic bags for OFIRMEV should enable us to meet increasing customer demand for OFIRMEV," said Ted Schroeder, President and CEO of Cadence.

    Financial ResultsCadence's net product revenue was $23.6 million for the three months ended March 31, 2013, which represents an increase of $15.6 million from the $8.0 million in net product revenue reported for the three months ended March 31, 2012. As of January 1, 2013, Cadence began to recognize revenue at the time that product is sold to a wholesaler, consistent with other companies with products at this stage of commercialization. Previously, revenue was recognized only when wholesalers sold the product to t
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    SOURCE Cadence Pharmaceuticals, Inc.
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